April 10, 2002

WestAM hosted a Round Table on the issue of size in funds management. As a manager grows, problems can arise. Liquidity becomes more limited and buying opportunities diminish. On the other hand, managers become larger and the industry continues to consolidate claiming greater size carries benefits.

Many would agree that size is a problem when investing but at what point it becomes a serious consideration is open for debate.

This Round Table called on the expertise of a number of leading industry Professionals and attempted to answer the question "How Big Is Too Big?" in The Australian equity market while debating the various advantages and disadvantages associated with size.

The speakers, moderator and panellists for the Round Table which took place in Melbourne and Sydney were:

M O D E R AT O R

Stephen Taylor CEO, Victorian Funds Management Corporation

P A N E L L I S T S

Christopher Andrews Head of Investment Consulting, William M. Mercer
Michael Bargholz CEO, Alliance Capital Management Australia
Dr Stan Beckers Global CIO, WestAM
Dr Bruce Grundy Professor, Melbourne Business School
David McMahon Director of Consulting, Frank Russell Company
David Neal Head of Investment Consulting, Watson Wyatt Australia
Robert Prugue Director, van Eyk Research
Dennis Sams Head of Investment Research, Intech Financial Services
Fiona Trafford-Walker Managing Director, Frontier Investment Consulting
Greg Vaughan CIO, WestAM (Australia) 

S P E A K E R S

Greg Vaughan CIO, WestAM (Australia)
Dr Stan Beckers Global CIO, WestAM
Tom Thompson Director, WestAM Private Equity Group

The agenda for the Round Table began with an Introduction by Stan Beckers, Greg Vaughan and Tom Thompson who each made some introductory remarks on the topic drawing on various published material and recent International and Australian experience. (The attachments to the right relate to their presentations).

The session then followed with the Round Table. Stephen Taylor took over proceedings and moderated the panellists to debate the issues in more depth. The discussion was interactive and Stephen invited contributions from the audience.